- Report: #132002
Complaint Review: Bank Of America - Pasadena California
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Author Confirmed
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Bank Of America
2129 Shattuck Avenue Pasadena, 91109-7022 California, U.S.A.
Phone:
866-239-9285 x12417
Web:
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Bank Of America Automated system insidiously designed to STEAL maximum from low balance accounts. ripoff Pasadena California
I have had the unpleasant experience of being ripped off by the BofA automated system on more than one occasion. Here is how it works.
Automated banking does the following...
1. The bank automatically accepts rather than declines electronic debits made to low-balance accounts even when funds are "insufficient" or unavailable to pay those debits.
2. Electronic debits are cleared at the end of the day, in order, from LARGEST, to SMALLEST. This guarantees the maximum number of overdraft fees will be assessed for a particular day.
3. An artificial cutoff time exists CALLING the penalties on any given day even when deposits for the same day are still permittedand in factwill be recorded with the same transaction date.
THE RESULT: An unwary customer who forgot to tell his wife that the bank account balance is getting low might later find out that the bank assessed a fee of up to $34 when a charge came in for a paltry cup of coffee that put the bank account in the red by a single penny!
I do electronic banking and have for years. I essentially use a check card for everything. The bank is now essentially like a pack of vultures just waiting for you to make one wrong move, then WHAMMO! They give you the 1-2-3.
EXAMPLES
1. In October of 2004, I lost $134 when I accidentally paid my homeowners insurance a day earlier that I thought.
2. Just recently, I the bank stole another $134 when I again accidentally schedule an on-line payment for a Friday instead of a Monday as I thought I had done.
HOW CAN THE GET AWAY WITH THIS!?
The are completely and totally unwilling to help. I have called them and very straightforward, but at the same time courteously given them my grievances and ask that they reverse the charges.
The telephone strategy is...
1. Get the customer off of the phone as soon as possible.
2. Never let them speak to a manager.
3. Never give out anything other than a P.O. box for the purpose of writing a letter to customer service. It is forbidden to give out information (that is public ally available) as to the address, phone, and contact person in the legal department where a small claims case can be filed.
4. When the customer makes a valid point... read from the contract.
5. When the customer makes another valid point... read from the contract again... and again... and again... etc.
6. When all else fails tell the customer: "I'm sorry, we will not be able to help you with that ... "
7. In some cases they will hang up the phone.
HERE IS ANOTHER THING THAT THEY DO...
Lets say that you got a first-time penalty for a single overdrawn item of $14. Now, let's also say that you called a got the bank to admit that there was an error made and they reversed the charges. It still counts against YOU! BECAUSE EVEN THOUGH THEY ADMIT TO MAKING A MISTAKE AND REVERSE IT THEY DO NOT TELL THE AUTOMATED SYSTEM NOT TO COUNT THAT AGAINST YOU THE NEXT TIME!!!
David
Diamond Bar, California
U.S.A.
Automated banking does the following...
1. The bank automatically accepts rather than declines electronic debits made to low-balance accounts even when funds are "insufficient" or unavailable to pay those debits.
2. Electronic debits are cleared at the end of the day, in order, from LARGEST, to SMALLEST. This guarantees the maximum number of overdraft fees will be assessed for a particular day.
3. An artificial cutoff time exists CALLING the penalties on any given day even when deposits for the same day are still permittedand in factwill be recorded with the same transaction date.
THE RESULT: An unwary customer who forgot to tell his wife that the bank account balance is getting low might later find out that the bank assessed a fee of up to $34 when a charge came in for a paltry cup of coffee that put the bank account in the red by a single penny!
I do electronic banking and have for years. I essentially use a check card for everything. The bank is now essentially like a pack of vultures just waiting for you to make one wrong move, then WHAMMO! They give you the 1-2-3.
EXAMPLES
1. In October of 2004, I lost $134 when I accidentally paid my homeowners insurance a day earlier that I thought.
2. Just recently, I the bank stole another $134 when I again accidentally schedule an on-line payment for a Friday instead of a Monday as I thought I had done.
HOW CAN THE GET AWAY WITH THIS!?
The are completely and totally unwilling to help. I have called them and very straightforward, but at the same time courteously given them my grievances and ask that they reverse the charges.
The telephone strategy is...
1. Get the customer off of the phone as soon as possible.
2. Never let them speak to a manager.
3. Never give out anything other than a P.O. box for the purpose of writing a letter to customer service. It is forbidden to give out information (that is public ally available) as to the address, phone, and contact person in the legal department where a small claims case can be filed.
4. When the customer makes a valid point... read from the contract.
5. When the customer makes another valid point... read from the contract again... and again... and again... etc.
6. When all else fails tell the customer: "I'm sorry, we will not be able to help you with that ... "
7. In some cases they will hang up the phone.
HERE IS ANOTHER THING THAT THEY DO...
Lets say that you got a first-time penalty for a single overdrawn item of $14. Now, let's also say that you called a got the bank to admit that there was an error made and they reversed the charges. It still counts against YOU! BECAUSE EVEN THOUGH THEY ADMIT TO MAKING A MISTAKE AND REVERSE IT THEY DO NOT TELL THE AUTOMATED SYSTEM NOT TO COUNT THAT AGAINST YOU THE NEXT TIME!!!
David
Diamond Bar, California
U.S.A.
4 Updates & Rebuttals
David
Diamond Bar,California,
U.S.A.
Where did that come from?
#2Author of original report
Mon, February 21, 2005
Where in the post was I blaming the bank or anybody else? My wife? Give me a break, even in the example it would have been me who failed to communicate. You have completely misunderstood! The point is not that people don't make mistakes they do! I've provided you with black and white examples of two of my own. HERE IS THE POINT... The automated system is specifically designed to prey on customer error. Your included! Unless you've never made a mistake! Specifically, let's say that the electronic system was designed such that any and all electonic deductions occur as soon as they are initiated. On the other hand, why do they have to go through so many checks and balances before putting money into an account? There is an imbalance here. The bank knows exactly how much they are likely collect in NSF fees the longer they hold money in limbo. I am 100% convicned that they have made these calculations and factored them into their business plans! Read the post. This is a scam wheather a person makes an error or not.
David
Diamond Bar,California,
U.S.A.
Where did that come from?
#3Author of original report
Mon, February 21, 2005
Where in the post was I blaming the bank or anybody else? My wife? Give me a break, even in the example it would have been me who failed to communicate. You have completely misunderstood! The point is not that people don't make mistakes they do! I've provided you with black and white examples of two of my own. HERE IS THE POINT... The automated system is specifically designed to prey on customer error. Your included! Unless you've never made a mistake! Specifically, let's say that the electronic system was designed such that any and all electonic deductions occur as soon as they are initiated. On the other hand, why do they have to go through so many checks and balances before putting money into an account? There is an imbalance here. The bank knows exactly how much they are likely collect in NSF fees the longer they hold money in limbo. I am 100% convicned that they have made these calculations and factored them into their business plans! Read the post. This is a scam wheather a person makes an error or not.
David
Diamond Bar,California,
U.S.A.
Where did that come from?
#4Author of original report
Mon, February 21, 2005
Where in the post was I blaming the bank or anybody else? My wife? Give me a break, even in the example it would have been me who failed to communicate. You have completely misunderstood! The point is not that people don't make mistakes they do! I've provided you with black and white examples of two of my own. HERE IS THE POINT... The automated system is specifically designed to prey on customer error. Your included! Unless you've never made a mistake! Specifically, let's say that the electronic system was designed such that any and all electonic deductions occur as soon as they are initiated. On the other hand, why do they have to go through so many checks and balances before putting money into an account? There is an imbalance here. The bank knows exactly how much they are likely collect in NSF fees the longer they hold money in limbo. I am 100% convicned that they have made these calculations and factored them into their business plans! Read the post. This is a scam wheather a person makes an error or not.
Cory
San Antonio,Texas,
U.S.A.
Everyone Else's Fault.
#5Consumer Comment
Sun, February 20, 2005
Usually I try and stay away from these bank posts. But with this one, I see a pattern. Unwary, accidently, accidently paid my homeowner's ins. a day earlier, accidently scheduled an online payment for Fri. instead of Mon. The big one, "forgot" to tell his wife that the bank account was getting low???? What does that mean? Does that mean she overdrew the account? Since you posted you use your card for everything, did you buy the coffee. A round about way of blaming the wife. To top it off, they reversed the NSF fee, then you want them to try and reenter the fact that there wasn't one to begin with. I guess if they change history, the NSF fees are lower. At your rate, it really won't matter. There will be a next time. Pay in cash, join a credit union, make a budget. That way you won't be paying $34 for a cup of coffee. If a cup of coffe puts your account on the red you'll have alot more money, if you drop BoA and follow those three easy steps.
